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XIN.TO vs. PZW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XIN.TO vs. PZW.TO

Last updated Jun 25, 2026

XIN.TO (iShares MSCI EAFE Index ETF (CAD-Hedged)) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both Global Equities funds - XIN.TO tracks the MSCI EAFE 100% Hedged to CAD Index while PZW.TO tracks the 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. Both are passively managed. Over the past 10 years, XIN.TO returned 11.13%/yr vs 11.53%/yr for PZW.TO. At a 0.27 correlation, their price movements are largely independent.

Performance

XIN.TO vs. PZW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI EAFE Index ETF (CAD-Hedged) (XIN.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XIN.TO achieves a 10.80% return, which is significantly lower than PZW.TO's 15.70% return. Both investments have delivered pretty close results over the past 10 years, with XIN.TO having a 11.13% annualized return and PZW.TO not far ahead at 11.53%.

XIN.TO

1D
0.00%
1M
0.82%
YTD
10.80%
6M
10.74%
1Y
24.10%
3Y*
15.99%
5Y*
11.17%
10Y*
11.13%

PZW.TO

1D
-0.63%
1M
3.40%
YTD
15.70%
6M
14.72%
1Y
32.76%
3Y*
21.00%
5Y*
10.35%
10Y*
11.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XIN.TO vs. PZW.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XIN.TO
iShares MSCI EAFE Index ETF (CAD-Hedged)		10.80%20.30%10.20%18.55%-6.09%18.49%-0.36%22.63%-10.94%15.80%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		15.70%18.48%16.03%12.88%-10.53%17.53%7.48%18.01%-8.08%13.64%

Correlation

The correlation between XIN.TO and PZW.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.24

Correlation (3Y)
Calculated over the trailing 3-year period

0.26

Correlation (5Y)
Calculated over the trailing 5-year period

0.35

Correlation (10Y)
Calculated over the trailing 10-year period

0.28

Correlation (All Time)
Calculated using the full available price history since May 13, 2015

0.27

The correlation between XIN.TO and PZW.TO shifts across timeframes, from 0.24 (1 year) to 0.35 (5 years), reflecting how their relationship changes across market environments.

XIN.TO vs. PZW.TO - Sectors Allocation Comparison

Sectors
XIN.TO
PZW.TO

Financial Services

23.7%
13.3%

Industrials

16.3%
19.2%

Technology

12.6%
12.2%

Healthcare

9.1%
12.7%

Consumer Cyclical

7.2%
12.1%

Consumer Defensive

6.6%
4.6%

Basic Materials

5.9%
7.0%

Communication Services

3.8%
3.8%

Utilities

3.1%
2.3%

Energy

2.9%
4.1%

Real Estate

1.5%
8.8%

Financial Services

XIN.TO
23.7%
PZW.TO
13.3%

Industrials

XIN.TO
16.3%
PZW.TO
19.2%

Technology

XIN.TO
12.6%
PZW.TO
12.2%

Healthcare

XIN.TO
9.1%
PZW.TO
12.7%

Consumer Cyclical

XIN.TO
7.2%
PZW.TO
12.1%

Consumer Defensive

XIN.TO
6.6%
PZW.TO
4.6%

Basic Materials

XIN.TO
5.9%
PZW.TO
7.0%

Communication Services

XIN.TO
3.8%
PZW.TO
3.8%

Utilities

XIN.TO
3.1%
PZW.TO
2.3%

Energy

XIN.TO
2.9%
PZW.TO
4.1%

Real Estate

XIN.TO
1.5%
PZW.TO
8.8%

Compare stocks, funds, or ETFs

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iShares MSCI EAFE Index ETF (CAD-Hedged)

Invesco FTSE RAFI Global Small-Mid ETF

Often compared with XIN.TO:
XIN.TO vs. XEF.TOXIN.TO vs. XFH.TOXIN.TO vs. XWD.TOXIN.TO vs. XIU.TOXIN.TO vs. GBAL.TOXIN.TO vs. XUS-U.TOXIN.TO vs. XDW0.L
Often compared with PZW.TO:
PZW.TO vs. EQL.TOPZW.TO vs. INAI.TOPZW.TO vs. TEQT.TOPZW.TO vs. XWD.TOPZW.TO vs. QQCE.TOPZW.TO vs. QQC.TOPZW.TO vs. VDU.TO

Return for Risk

XIN.TO vs. PZW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XIN.TO
XIN.TO Risk / Return Rank: 6161
Overall Rank
XIN.TO Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
XIN.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
XIN.TO Omega Ratio Rank: 6464
Omega Ratio Rank
XIN.TO Calmar Ratio Rank: 5656
Calmar Ratio Rank
XIN.TO Martin Ratio Rank: 6363
Martin Ratio Rank
PZW.TO
PZW.TO Risk / Return Rank: 8484
Overall Rank
PZW.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8787
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8686
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 8383
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 8181
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XIN.TO vs. PZW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI EAFE Index ETF (CAD-Hedged) (XIN.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

XIN.TOPZW.TODifference
Sharpe ratioReturn per unit of total volatility
1.82
2.32

-0.50

Sortino ratioReturn per unit of downside risk
2.57
3.41

-0.84

Omega ratioGain probability vs. loss probability

1.34

1.45

-0.11

Calmar ratioReturn relative to maximum drawdown

2.49

3.87

-1.38

Martin ratioReturn relative to average drawdown

10.23

13.82

-3.59

XIN.TO vs. PZW.TO - Sharpe Ratio Comparison

The current XIN.TO Sharpe Ratio is 1.82, which is comparable to the PZW.TO Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of XIN.TO and PZW.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XIN.TO vs. PZW.TO - Drawdown Comparison

The maximum XIN.TO drawdown since its inception was -58.55%, which is greater than PZW.TO's maximum drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for XIN.TO and PZW.TO.

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Drawdown Indicators

XIN.TOPZW.TODifference

Max Drawdown

Largest peak-to-trough decline

-58.55%

-32.45%

-26.10%

Max Drawdown (1Y)

Largest decline over 1 year

-9.72%

-8.50%

-1.22%

Max Drawdown (3Y)

Largest decline over 3 years

-14.23%

-16.88%

+2.65%

Max Drawdown (5Y)

Largest decline over 5 years

-15.60%

-22.13%

+6.53%

Max Drawdown (10Y)

Largest decline over 10 years

-33.67%

-32.45%

-1.22%

Current Drawdown

Current decline from peak

-1.63%

-0.67%

-0.96%

Average Drawdown

Average peak-to-trough decline

-13.85%

-5.72%

-8.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.36%

2.38%

-0.02%

Volatility

XIN.TO vs. PZW.TO - Volatility Comparison

iShares MSCI EAFE Index ETF (CAD-Hedged) (XIN.TO) has a higher volatility of 4.41% compared to Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) at 2.82%. This indicates that XIN.TO's price experiences larger fluctuations and is considered to be riskier than PZW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XIN.TOPZW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.41%

2.82%

+1.59%

Volatility (6M)

Calculated over the trailing 6-month period

11.33%

10.41%

+0.92%

Volatility (1Y)

Calculated over the trailing 1-year period

13.35%

14.20%

-0.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.05%

14.67%

-0.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.95%

15.91%

+0.04%

Dividends

XIN.TO vs. PZW.TO - Dividend Comparison

XIN.TO's dividend yield for the trailing twelve months is around 2.62%, more than PZW.TO's 1.68% yield.

PositionTTM20252024202320222021202020192018201720162015
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		1.68%1.97%2.12%3.23%1.90%1.93%1.52%2.26%1.78%1.57%1.09%0.96%
XIN.TO
iShares MSCI EAFE Index ETF (CAD-Hedged)		2.62%2.90%2.69%2.51%2.18%2.65%1.81%2.58%2.87%2.15%2.39%2.33%

Frequently Asked Questions

XIN.TO and PZW.TO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XIN.TO tracks MSCI EAFE 100% Hedged to CAD Index, while PZW.TO tracks 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. They also come from different issuers: iShares and Invesco.

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